Radomir Salic

Accepted for publishing: 25.10.2017

AbstractAll developed Western countries rest on the market economy in the presence of the stock market and the free flow of capital, unlike Serbia, where such rules do not prevail and where the liquidity almost dried off at the stock exchange, while securities (shares) were reduced to a miserable level for which there would be enough only a few brokerage houses. Smaller broker companies have long since left their jobs due to lack of work, surviving probably the biggest crisis since the stock market in Serbia exists. Price indices record unsuspecting records reaching their historical minimums. Low liquidity, along with the debatable quality of investment alternatives, left Serbia's market essentially beyond the reach of global investors, and domestic specifics did not stimulate the status of stock exchange operations in Serbia. The Belgrade Stock Exchange has a tendency for years to fall in terms of: turnover, realized stock exchange index and stock prices. However, it is difficult to expect that the stock market will develop itself in a non-market environment, and much of the responsibility lies with the state that has not at least promoted shareholder and stock exchange operations. Companies are increasingly withdrawing from the Belgrade Stock Exchange, primarily due to the fact that they have come to this market through legal coercion and have failed to take advantage of the capital markets, such as raising capital, improving management efficiency, strengthening the image. The results of this study show that the yields of almost all of the shares are highly dependent on the yield on the market, that is, the linear correlation coefficients between yields on the shares and market rates of return are positive, that non-banking corporations generate higher beta coefficients than banks, that is, they are more sensitive than banks on the changes and that they can make returns on the basis of beta coefficients, and that the actions of non-banking corporations are offensive, and the actions of banks are defensive. Solutions to the problem could be in: the need of the state to sell all public companies and public companies to appear on the stock exchange, that the public offering of sales is implemented on the Belgrade Stock Exchange, for example, shares, still some quality companies that are not yet quoted on that the existing shareholders (owners) of different types of companies (mostly Doo) and new founders are increasingly suggesting the founding of joint stock companies as the most suitable form of companies for the collection of capital, and ultimately, the suggestion to the Government and the State Assembly would be that future regulations , all companies that receive ownership of the privatization of state-owned enterprises make it impossible to abandon shareholding or to determine the conditions that will force them to give up such intentions.

Keywords:stock exchange, stock index, shares, liquidity, beta

Zoran Todorovic

Accepted for publishing: 06.01.2018

AbstractBanks are financial institutions that exist for many years. Considering the banks' operations throughout history, it is possible to state that they are faced with big problems. Business problems you were so great that a large number of banks out of business. Thus, the basis of the prosperity of a particular state but doing business is healthy and stable financial system. In order to create a stable financial system, governments of developed countries in 1974 established the Basel Committee. This authority allows the orderly cooperation of member States in matters of control of financial institutions. The means by which they were given guidelines for control and successful business banks have agreements. From its inception until today, the Basel Committee issued three agreements Basel I, Basel II and Basel III. The subject of this work is the Basel III agreement.

Keywords:The Basel Committee, agreement, bank, Basel III

Zeljko MilovanovicMarko TodorovicMilan Stojanovic

Accepted for publishing: 11.01.2018

AbstractInformation technologies have been changing the way people work and live, but simultaneously, they have also been changing the very structure and manner of business doing of contemporary enterprises. Those who do not adapt - no matter whether they are individuals or business entities - will call into question their own existence, as well as their successful functioning in the newly-created business and technological environment. Business doing based on information technologies helps hotel enterprises to cope with the challenges imposed by the new era. Technologies provide hotels with new tools, as well as with new challenges they should be coping with. More than in the majority of other activities, hotels rely on collecting, processing, analyzing and providing data so as to satisfy the buyer’s needs. Given the significance of information in hotel management, it does not surprise that it is exactly hotels that are among the first buyers of automated data processing technology. It has enabled hotels to develop the cheaper and better techniques that enable a quick flow of information between the user and the provider of the tourism offer. That is supported by the fact that, today, more and more reservations are being made via the Internet and the GDS systems. The subject matter of the research conducted in this paper is information technologies, their changes and the role they play in the development of hotel management in contemporary conditions of business doing. The goal of the research is to indicate the size and the significance of the role of information technologies, i.e. the size, intensity and directions of the changes pertaining to hotel enterprises based on the application of information technologies.

Keywords:IT, GDS, Internet, E-wom, hotel

Milan StojanovicZeljko MilovanovicMarko Todorovic

Accepted for publishing: 11.01.2018

AbstractDigitalization has become the integral part of human life and work. Digitalization has permeated into all the pores of society. The contemporary technologies that have been created in the 21st century have led to a situation in which it has become almost impossible for hotels to operate without using the GDS systems, the Internet and other social media. Through social networks, which represent the greatest form of the digital media today, hotels and consumers have been announcing their content, exchanging their experiences and writing their comments, on the basis of which consumers make a decision on buying a product. The hotel product is intangible, so the user can only assure him- or herself of the quality of the services through a conversation with and oral propaganda by the consumers who have already used them. The subject matter of the research conducted in this paper is the digital transformation of hotels, which should be in function of the efficient tourism development of the municipalities of Bor and Zajecar. The research goal is to indicate the significance of the efficient implementation of digitalization so as to increase the competitiveness of the hotels in the territory of these two municipalities. The recognition of business opportunities and the development of the digital response to the needs of the guest are becoming the key segment of the contemporary business doing of the hotels thinking of their own sustainable perspectives. The hotels that have not recognized the significance of connecting the real and the digital services with each other can only be thinking of the opportunities they have missed.

Keywords:digitalization, social networks, service satisfaction

Semsudin PlojovicSuad BecirovicEnis UjkanovicSenadin Plojovic

Accepted for publishing: 29.01.2018

AbstractIn this paper, a model of the application of information technologies, integrated into the form of the Information system of youth sports, is presented. The information system was created on the basis of the Law on Sports and real needs to introduce integrated data and information management to youth athletes and youth sports clubs. The authors carried out research on the needs and information requirements of the Ministry of Youth and Sports, the Sports Union of Serbia, branch associations, local administrations, sports clubs and research on the needs of the athletes themselves. Based on the collected data, the parameters of the presumed information system of youth sports are defined. For the given parameters are defined models, schemes, interfaces, and reports. In this paper, beside the model of the information system, description of the used technologies, with a presentation on concrete examples from practice is presented.

Zoran CekerevacJelena Maletic

Accepted for publishing: 01.02.2018

AbstractNowadays, every planning entity inevitably confronts certain problems of decision-making, firstly, because there is offered a wide range of alternatives in every field, and secondly, as the need for choosing such solutions that provide the necessary effectiveness as a basic condition of survival and further development on the market. In approaching the planning problem, it is very important to put emphasis on structuring the whole so as not to lose the overview of the situation as the starting point for making an optimal decision, and, also, facilitating the approach to solving the entire planning process. The conventional approach to planning for variant selection has long been based exclusively on cost comparison. In complex problems, this approach is not sufficient because all aspects cannot be expressed in monetary terms, thereby objectivity is jeopardized due to the significant impact of qualitative aspects of the problem. The basic problem of decision-making is, despite the multidimensionality in realistic conditions, the reduction of the whole into a certain structure. This step first includes the choice of objects i.e. potential variant solutions. If there is choosing one of several variants, ideally, the process is differentiated into the following steps: determining the criteria for the observed variants; description and presentation of variants (determining the degree of satisfaction of certain criteria); comparison of observed variants and their evaluation; and choice of one of the variants. The paper emphasizes some valuation methods that are not used, or they are used rarely, in Serbia and surrounding countries, although they are important because they give good results and are reliable in choosing the variant of logistic projects.

Keywords:logistics, methods, criteria, valuation, choice

Ludmila Vladimirovna PrigodaZoran CekerevacVera Alekseevna Kiseleva

Accepted for publishing: 13.02.2018

AbstractIn the modern market economy aimed at innovative development, venture investment is one of the most promising tools. Considering the experience of the developed countries of the world, effective functioning of the venture market is a special mechanism for implementing the strategy of the national economic system innovative development and thus, is an objective necessity. The presented research characterizes the current state and problems of the Russian venture market, which is the goal of the research. During the research principles of systemic, structural and functional approaches based on the dialectical method were applied, and methods of analysis and synthesis were actively used. Because of the conducted research, the authors found that the Russian venture capital market is at the stage of primary maturity, which is determined by the presence of many objective reasons, both at the macro- and micro-levels. In addition, while the venture market is actively using state financial resources, and the activity of development institutions is assessed as “positive”, one of the key problems is the low activity of start-up “output”. Nevertheless, the national risk financing system demonstrates positive tendencies to renew the system of state support for innovations. The results of the research can be used in practice of a venture environment building and formation of its infrastructure elements, and, also, applied by participants of the national venture market.

Zeljko Mateljak

Accepted for publishing: 14.02.2018

AbstractManagement types can be defined as the level of manager's responsibility with regard to different areas of work and the assumption of positions at different levels of organizational hierarchy. In this paper, three types of management will be analyzed, top management, middle management and lower management. On the other hand, motivation embraces a range of forces that direct and determine man's behavior. These forces are influenced by many internal and external factors that initiate, determine, and maintain the content, direction, intensity, and duration of a particular type of behavior. The research topic in this paper is related to the interdependence between the types of management and the level of motivation in the hotels of the Split-Dalmatia County. The aim of the research is to determine whether there is a difference in the level of motivation with respect to management types according to hierarchical levels. Given that the persistence of higher levels of motivation contributes to greater efficiency of the business, the paper will investigate whether there is a statistically significant difference between hierarchical management types considering the level of motivation in the hotels of the Split-Dalmatia County. Empirical research will be carried out using common scientific methods, and in particular through the survey methodology and the method of processing data collected using the SPSS statistical package. The expected contribution of the work is related to the determination of the level of statistically significant difference between management types according to the hierarchical levels given the level of motivation in the hotels of the Split-Dalmatia County.

Jelena MaleticVeljko Radicevic

Accepted for publishing: 02.02.2018

AbstractThere is a lot talk about Logistics 4.0, digital supply chain management, the blockchain, etc., but which technologies are considered under these general terms, how their development will continue to be, and what future management options will be available is not clearly determined. Logistics 4.0 supports the concept of Industry 4.0 (Smart factory) and presents the current trend of automation in data exchange in intralogistics processes and supply chains. This trend includes CPSs (Cyber-Physical Systems), networking, digitization, B2B Internet communication and Cloud-computing, public or private, (Internet databases) to enable "Smart Logistics" functioning. Within the modularly structured smart factory, cyber-physical systems monitor physical processes, create a virtual copy of the physical market, and make decentralized decisions. Through the Internet, Cyber-Physical Systems communicate and collaborate with each other in real time, offer services and/or products, and provide expected data and information to participants in the supply chain. Digital technologies as the: IoT (Internet of Things), and its subcategory IIoT (Industrial Internet of Things), IoS (Internet of Services), Big Data and DM (Data Mining), and Cyber-Physical Systems are key elements of the Logistics 4.0 concept. They represent the common language of the future. It is to expect the full digitalization of logistics processes and the use of said digital technologies from creating the idea about a product or service, engineering, production organization, finance, development of online "end-to-end" visibility of processes, up to the control of the process, and to complete services providing in the logistics' supply chains.

Dragana Djergovic

Accepted for publishing: 17.02.2018

AbstractIn the situation of continuous changes, the most logical presumption is neither of present successful and in practice confirmed theory won’t be valid for a long time. Thus it is with leadership concept existed at the end of 20th Century. New business circumstances at the beginning of 21st Century generate new challenges and require new solutions in leading organizations. Leadership crisis in business as, no doubt, superior management concept and loss of confidence in business leaders, call for upgrading the organizational leadership potential. Creating leaders for the 21st Century implies permanent process of mental development - personal and professional, as well as acquiring some capabilities of system, collaborative, mindful and collective leadership. Including acquired capabilities in leading, change leaders and followers behavior in a way to accomplish positive impact to work performances and business sustainability for a long time. Many questions refer to nowadays personal traits and competencies of leaders, as well as methods of their development and effects of authentic leadership approach, need answers. Some of them are explored in the paper.

Keywords:leadership, changes, challenges, leaders, capabilities

Pero PetrovicDjordje Pavlovic

Accepted for publishing: 23.02.2018

AbstractThe mechanisms of participations of employees in commercial companies (primarily in joint-stock companies) are different. The basic forms are participation in managing trough membership in the bodies of the company (managing and/or supervisory boards), participation in the business structure of the company (shareholding of the employees), and participation in the business in the form of being informed and consulted directly or by means of a special body such as the council of the employees. EU member states have very different approaches and there is no uniform regulation. On the one hand, in some countries it is not even legally regulated, so it is entirely left to statutory regulation and the will of the shareholders. On the other hand, this issue is regulated by the law, but again, in different ways. Edited depends accepted system management, whether it is a unicameral system of government (Sweden, for example.) Or a bicameral system of government (Germany, for example.), or a mixed management system (France, Slovenia) where the society selected from a unicameral i bicameral organization management. Many differences are the reason that the proposal was not accepted Pete directive on organ structure of joint stock companies, and arranging the participation of employees in the management of European Societies - SE.

Zoran PavlovicAleksandra VukmirovicNebojsa Dragovic

Accepted for publishing: 23.02.2018

AbstractWith the rapid development of the Internet, there is a great application of various models of business in transport organizations. The railroad as a leader in mass transportation of passengers and goods occupies a significant place in the development of the Republic of Serbia. The expansive development of information and communication technologies (ICT) brings news in the business of transport organizations and railways. The development of the digital economy is conditioned by the commercialization of the Internet at the beginning of the nineties. Then new business opportunities arise, of which the most important are: electronic trading in the global market, networking and integration with business partners, development of new business models, etc. In 2000, political developments in the world and the economic crisis motivated and animated business organizations to find new ways of trade. The foundation encompassed ICT innovation. The application of new models and technologies has affected the reduction in operating costs. The application of mobile technologies has enabled business anywhere and at any time. For the sake of quick informing and collective consumption, social networking is taking place. The main goal of the paper is to show the impact of new business models through Internet technologies in e-commerce to employees in the railway assembly. Railway employees need to privatize a new business model in comparison to the current traditional business models. Traditional business models provide a transport service in direct communication between service users and railway employees as bidders. The new model of electronic commerce includes the purchase of a ticket via mobile applications.

Snezana Stojanovic

Accepted for publishing: 25.02.2018

AbstractMultinational companies (MNCs) are producing a large part of global wealth. They are important actors on global economic and political scene. However, often a significant part of their profit is shifted from the source countries (without being taxed) to countries where it is going to be low or nill taxed. Using different arrangements, MNCs successfully avoid paying taxes making significant savings and profits. After breaking global economic and financial crisis which, besides all, has been caused with such behavior of MNCs, leaders of the most powerful world economies initiated the Project on base erosion and profit shifting (BEPS). BEPS is focused on the identification and finding solutions for the methods mostly used by MNCs to legally avoid taxes and minimize their global tax duties. Transfer pricing is one of the identified problems that should be resolved. Arrangements between related entities – members of MNC are often used for tax minimization. The solution for the transfer pricing problem proposed by Organization for economic cooperation and development (OECD) is an introduction in national tax legislation duty for MNCs to report on their business activities and financial transactions considering all countries where MNCs conduct business. In this paper author has shown and analyzed method recommended by OECD: country-by-country reporting, considering its importance for the nationals’ and global tax revenues growth. This method leads to more transparent cross-border business, but also represents a challenge for the management of the companies and tax administrations.

Vladimir GrujicDragan A. Lazic

Accepted for publishing: 25.02.2018

AbstractEvery day over 102,000 commercial passenger flights take place on a global scale above our heads. Because of that many questions arise in the areas of safety and security in massive air traffic. If aviation companies use crisis management, any activity concerning the preparation of the crew and the aircraft for a particular task-flight gets more significance and importance. During the flight, the pilot - the captain of the aircraft, is the key person of any company activity that includes transport of people and goods, and that is the reason why a pilot's psycho-physical abilities and flying performance must be constantly checked, evaluated and improved. The main value of this perception lies in the fact that everyone has to accept their part of the responsibility for the safety of the flight, but the aviation authorities and airlines primarily. In a plane crash near Macedonia's capital city, Skopje, the aviation authorities discovered a number of serious failures in pilot training that led to the fall of a private Cessna 340 aircraft piloted by an Austrian professional pilot. The investigation revealed that although the pilot was certificated to fly in instrument meteorological conditions, his actions in the air indicate that he was not well trained. The results of the investigations by the air crash investigators for this and similar accidents raise a number of questions related to the training of the pilots and obtaining individual licences. European and American aviation authorities have clear legal regulations regarding the training and certification for individual flight categories as well as a categorized simulation technique where pilots exercise before they get one of the flying categories. Flight simulators play an essential role in the training of the future pilots for both visual and instrumental flight conditions.

Ana AnufrijevGoran Dasic

Accepted for publishing: 26.02.2018

AbstractAdaptation to new needs and requirements of clients results in the appearance of various forms of cooperation between insurance companies and banks. The concept of all-financing implies that the insurance service can be found at the points of sale of banks and at the same time represents the strongest competition for bank savings. When insurance services are sold to banks, there is a decrease in total distribution costs, as banks use a multi-client database, and they also generate revenue when they sell services in co-operation with a partner or sell the services of an insurance company established by the bank itself. In this type of cooperation, insurance companies see the possibility of expanding their portfolio, i.e. increasing the number of insurance with lower distribution costs because they use the already developed sales network of the bank. We can say that all-financing represents a synergy between insurance and banking, so that the services of both branches economically reach the common base of clients. The emergence of bancassurance in the form allfinaz implies many theoretical considerations but also to better and worse off attempts embodiments in practice. When it comes to Serbia, the domestic insurance market despite much progress can still be considered underdeveloped. The development of bancassurance instruments can contribute to its improvement, through the creation of new services. However, it is certain that the existing cooperation between the insurance and banking to be rebuilt. As well as to strengthen all aspects of the competition and the competition between the two parties.

Danilo LazovicMilija Bogavac

Accepted for publishing: 04.03.2018

AbstractThis paper presents the importance of using Wi-Fi technology and other IT equipment in business organizations. The use of new technologies and equipment has led to the improvement of information systems. The Wi-Fi standard has been presented through its historical development and the advantages of this standard in comparison to conventional wired computer networks. We also tried to list all the improvements that have been made with the use of information technology, in addition, the paper presents the advantages of using Wi-Fi standards in certain aspects of electronic business operations in business organizations. It is necessary to emphasize that business organizations need to adapt to the new information era where some information systems experience transformation and change their context and role. Knowledge is the main resource of competitive advantage and efficient knowledge management with the help of Wi-Fi technologies will lead to the new meaning of the information system. In fact, the business organization will be managed by the users themselves who will be involved in each business segment through modern technologies.

Sasa StamenkovicMilan Stamatovic

Accepted for publishing: 06.03.2018

AbstractIf one opens amazon.com today and tries to find books that have words management & leadership words in their titles, he will find over 100,000 titles. Certainly, today, the connection between management and leadership is in the focus of all scientific circles, organizations, owners, companies, universities, as well leaders and managers. Often, leadership and management are used as synonyms, but they represent words with completely different meanings in practice. In the paper, the reader will find answers to the questions whether to educate for leader or manager, or one is born with a genome that determines his future as the Leader or Manager, or he needs to acquire these skills during the lifetime? Is their success on one of these two positions determined by great work, possession of social skills or some other feature? Do the followers follow the leaders and manager freely, do they follow the idea or the order, or they follow the heart or logical explanation? The answers to these questions give an understanding of the similarities and differences of management and leadership, their advantages and disadvantages, the bearers of these roles, their roles in organizations, and the way in which organizations operate with or without these two roles. Through parallels with management, through the structure of the organization, it's functioning, differences in the 20th and 21st centuries, authors point to what today represents leadership, its characteristics, understanding, necessity, and the future.